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Ignitis Group Interim Report

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IGNITIS GROUP 2019 INTERIM REPORT CONSOLIDATED INTERIM REPORT OF THE COMPANY AND THE GROUP 01 January 2019 – 30 September 2019 www.ignitisgrupe.lt UAB „Ignitis grupė“ Žvejų str. 14, 09310 Vilnius, Lietuva E-mail: [email protected] Company code 301844044 CONTENT CONSOLIDATED INTERIM REPORT OF THE COMPANY AND THE GROUP FOR THE I-IIIQ 2019 Foreword by the chairman of the Board 5 About the Company and the Group 6 Most significant events 10 Analysis of the Group’s financial and operating results 14 Review of the Company’s and the Group’s activities 23 Corporate governance 29 Key information about the Company and the Group 40 Information on securities of the Group companies 42 Consolidated interim report of the Company and the Group for the 9 months of 2019 2 KEY FINANCIAL INDICATORS OF THE IGNITIS GROUP Q1-Q3 2019 Q1-Q3 2018 ∆, million ∆, % Revenue EUR million 1 161,8 900,8 261,1 29,0% Cost of goods sold EUR million 885,9 677,6 208,3 30,7% Operating expenses EUR million 108,2 95,2 13,0 13,7% EBITDA EUR million 167,6 126,8 40,8 32,2% EBITDA margin % 14,4% 14,1% - - Adjusted EBITDA EUR million 193,5 173,7 19,8 11,4% Adjusted EBITDA margin % 16,7% 19,3% - - FFO EUR million 150,9 112,4 38,4 34,2% EBIT EUR million 80,5 67,8 12,7 18,8% Net profit EUR million 57,7 47,5 10,2 21,5% Net profit margin % 5,0% 5,3% - - Adjusted net profit EUR million 68,1 94,0 -25,9 -27,6% Adjusted net profit margin % 5,9% 10,4% - - Investment EUR million 311,7 252,2 59,5 23,6% At 30 Sep 2019 At 31 Dec 2018 ∆, million ∆, % Total assets EUR million 3 070,1 2 854,1 216,0 7,6% Equity EUR million 1 366,1 1 321,7 44,4 3,4% Borrowings EUR million 1 061,9 864,5 197,4 22,8% Net debt EUR million 925,4 736,0 189,3 25,7% Return on equity (ROE) 12-months % 0,7% -0,1% - - Adjusted return on equity (Adjusted ROE) 12-months % 6,9% 8,8% - - Return on assets (ROA) 12-months % 0,3% -0,1% - - Equity ratio % 44,5% 46,3% - - Net debt/EBITDA 12-months times 4,62 4,62 - - Net debt/Adjusted EBITDA 12-months times 3,74 3,24 - - Net debt/Equity % 67,7% 55,7% - - FFO 12 months/Net debt % 19,5% 19,6% - - Assets turnover ratio times 0,50 0,44 - - Current ratio times 0,86 1,16 - - Working capital EUR million 13,4 -17,3 30,7 177,6% Working capital/Revenue 12-months % 0,9% -1,5% - - Consolidated interim report of the Company and the Group for the 9 months of 2019 3 The increase in net profit was due to smaller difference between the Revenue growth was mainly driven by increased volumes of price of electricity as set by the regulator and included in the tariff electricity wholesale trading in Poland. and the actual market price. This difference had a significant impact ↑29% in 2018. Adjusted ROE (12 months) amounted to 6.9%. ↑22% 8,7%. 1.162 95,6 94,0 89,5 91,3 901 72,5 77,1 68,1 762 804 783 67,4 57,7 47,5 Q1-Q3 2015 Q1-Q3 2016 Q1-Q3 2017 Q1-Q3 2018 Q1-Q3 2019 Q1-Q3 2015 Q1-Q3 2016 Q1-Q3 2017 Q1-Q3 2018 Q1-Q3 2019 Adjusted net profit Net profit Adjusted EBITDA increased by 11%. The growth was determined ↑11% As construction of co-generation power plants gained by the result of growing investments in network development and momentum as well as investing in wind power plant projects - ↑24% increased portfolio of the Group’s wind power plants. total investments grew by 24%. Operating expenses grew by 14% due to higher network maintenance expenses. 312 193,5 173,7 252 166,0 158,0 166,1 178 152 114 108 99 99 94 95 Q1-Q3 2015 Q1-Q3 2016 Q1-Q3 2017 Q1-Q3 2018 Q1-Q3 2019 Q1-Q3 2015 Q1-Q3 2016 Q1-Q3 2017 Q1-Q3 2018 Q1-Q3 2019 Investments Operating expenses Adjusted EBITDA and adjusted net profit for 2015 are presented before the elimination of the effect of recalculation of regulated revenue of ESO and Ignitis because such data is collected from the beginning of 2016. Financial data is presented in million euros. Consolidated interim report of the Company and the Group for the 9 months of 2019 4 FOREWORD BY THE CHAIRMAN OF THE BOARD Dear Customers, Partners, Employees and Shareholders It gives me great pleasure to provide the results of Ignitis Group of the third quarter of 2019. The report contains the key events for your reference showing to what extent the target objectives of the Group are being implemented. One of the biggest attention-gaining events of the third quarter was undoubtedly change of the name and rebranding. And since September, we have become an international energy company Ignitis Group. Other principal undertakings within a group also underwent a name change. There are three main reasons for this change. The first is to facilitate more efficient use of funds and consolidate more than 14 group-owned brands and names into one single brand that is easy to understand both on national and international scale. The second reason behind this change is convenience to customers by offering services from a single source, Ignitis, rather than navigating through different companies. And the third reason is a strive to break the image of monopoly and to flourish in competition with market. Not only have we changed the name, we continue to set ourselves ambitious goals to increase foreign revenue, to expand services overseas and to develop the energy-smart world. We are ready to offer our customers new services, including new energy efficiency and heating solutions, to help raising the environmental awareness. We are proud to show our concern for the environment not only in words but also in deed: 472 million euros from 600 million euros spent in recent years for green bonds have already been invested in green energy projects. In addition to the economic advantage that the Group's investments in green energy projects will offer to Lithuania, there is also a positive environmental impact. We will continue to plan investments into smart solutions, we are investing in start-ups with smart energy solutions, and into the resilience and security of the network. We are constantly striving to improve customer experience and, therefore, the approved 10-year investment plan of Energijos skirstymo operatorius includes three investment directions: a reliable and climate-resilient network, a remotely operated network and smart network. The Group Innovation Center has started to publish open datasets. Any interested market player is free to use four datasets provided by the Energijos skirstymo operatorius which meet the requirements of publicly available data. One of our values is openness, and, therefore, we hope that open data will not only contribute to greater trust and transparency in the company, but will also encourage the development of new services and technologies. With the aim to deliver value to Lithuania, we are committed to continuously working towards more transparent and effective outcome. We will continue to work to make Lithuanians proud of a modern, international, green energy company. Darius Maikštėnas Chairman of the Board and the CEO Ignitis Group, UAB Consolidated interim report of the Company and the Group for the 9 months of 2019 5 ABOUT THE GROUP AND THE COMPANY The Ignitis Group is an international energy company and one of the largest energy groups in the Baltic region. Its’ mission is to make the world more energy smart. Group companies produce, distribute and supply energy, as well as develop smart energy solutions. Ignitis Group gives priority to green energy, aiming to become the region’s main competence center for new energy and a leader in distributed energy solutions in the Baltic Sea region and beyond. Group companies operate in Lithuania, Latvia, Estonia, Poland and Finland. Group innovation fund invests in energy startups in the UK, Norway and France. Ignitis Group combines long-term experience, innovations, and open up to the world 0,81 TWh electricity 7,07 TWh of electricity while maintaining energy independence. produced. distributed. The rights and obligations of the shareholder of Ignitis Group are implemented by the Ministry of Finance of the Republic of Lithuania (hereinafter referred to as the Ministry of Finances). Ignitis Group implements energy projects of strategic importance for Lithuania, and pursues the objectives set forth in the National Energy Strategy. The Group with more than 3,800 employees manages and operates the key energy generation capacities of Lithuania that ensure the security of energy supply, a distribution network covering the entire territory of the country, including the gas distribution network. The Group provides Over 1.6 million clients services to more than 1.6 million consumers across Lithuania, offers electricity supply 4,70 TWh of natural gas services to consumers overseas, supplies natural gas to 570 thousand consumers. distributed. are being served. During the first three quarters of 2019, 0.81 TWh of electricity was generated and 7.07 TWh distributed to consumers and 4.70 TWh of natural gas was transported via gas distribution pipelines. The parent company of the Group – Ignitis Group (hereinafter – Ignitis Group or the Company) is responsible for transparent management and coordination of activities of the whole Group, improvement of the efficiency in order to ensure competitive services for consumers, and for socially responsible creation of long-term value for its shareholders.
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